Listing Portfolios

Central Florida Self-Storage Portfolio

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NRSF - 83,625

The Mele Group of Marcus & Millichap has been selected to exclusively market for sale the Central Florida Self-Storage Portfolio. Acquisition of the four-property, self-storage portfolio provides a qualified investor with impeccably-located facilities within the state’s highest-growth markets, including the Tampa Metro Area, the Orlando Metro Area and The Villages Metro Area. Each of the facilities are situated along a major highway or thoroughfare, featuring fantastic traffic counts and visibility. Furthermore, the portfolio offers multiple value-add opportunities to increase returns through raising rates at individual locations to match their respective markets, along with potential for conversion and expansion at the Clearwater location and management synergy at the Summerfield and Tavares locations at an approximate 26.0-mile distance. The opportunity boasts excellent pro forma projections; at the end of years one and two are cash-on-cash returns of 9.9 percent and 12.5 percent, paired with leveraged IRRs of 24.7 percent and 23.6 percent in years five and seven.

The portfolio consists of 966 total units across 83,625 rentable square feet and 9.16 acres in Clearwater, Summerfield, Tavares and Palm Bay. The facilities demonstrate the strength of their Central Florida markets with consistently high occupancies, resulting in an overall portfolio physical occupancy of 94.0 percent. Since 2017, a significant number of capital improvements have been invested into each facility, including new signage, AC units, gate controllers, parking striping, exterior lighting, customer code locks and 24-hour video security cameras.

Central Florida is home to the state’s fastest-growing metropolitan statistical areas that comprise the portfolio, including The Villages Metro Area, which topped the U.S. Census Bureau’s charts as the fastest-growing U.S. area by percent population increase for the fourth consecutive year. After Florida emerged as the country’s third most populous state in 2015 by surpassing New York, the Sunshine State continues to hold this ranking as its population swells. Of new residents, nearly 92 percent moved to the state, denoting one of the highest net migration rates in the country.

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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Central Florida Self-Storage Portfolio, located in .

To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Marcus & Millichap, must be compensated by Buyer as Marcus & Millichap is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.

The Clearwater location consists of 442 units, comprised of 397 climate-controlled units ranging in size from 12 square feet to 450 square feet, and 45 boat/RV parking spaces. Additionally, the opportunity has five office spaces available for the potential reallocation into traditional self storage to increase revenue. Constructed on 2.43 acres, the facility contains three buildings for a total of 23,021 rentable square feet. Current physical and economic occupancies are 87.0 percent and 83.2 percent, respectively, paired with the potential to raise rental rates to match the immediate market’s competitors. Recent capital improvements include new locks, signage, video surveillance, exterior painting and the installation of an AC unit.

Located at 28420 US Highway 19, the facility has direct highway access with fantastic traffic counts of over 89,000 vehicles daily, in addition to quick entry to State Roads 580 and 58, both located less than one mile from the subject. Also neighboring the facility are single-family residential neighborhoods, including the Wilshire Estates and Silk Oak Lodge directly west, with an excellent blend of multifamily housing complexes. Within a five-mile radius of the facility is a population of 226,844 individuals among 101,877 households; the population is projected to flourish at an annual rate of 0.76 percent from 2017 to 2022. Less than a mile south of the facility is the Westfield Countryside Mall, containing retail giants such as Dillard’s, Macy’s, JCPenney and Nordstrom Rack, among other recognized brands in the area along U.S. Highway 19 such as Whole Foods Market, Lowe’s Home Improvement and Kohl’s.

Known for its award-winning beaches and quality shopping, dining and entertainment, Clearwater is a national tourist destination in a city that actively promotes economic development and a high quality of life. This high quality in life has ranked the Tampa-St. Petersburg-Clearwater, Florida Metro Area, commonly referred to as the Tampa Bay Area, as the nation’s fourth-highest in migratory population gains, according to the U.S. Census Bureau. Furthermore, Clearwater’s City Council has actively promoted their strategic direction to improve and expand the city’s economic. Because of the city’s mission to retain and expand business, Forbes forecasted that the overall MSA would yield the fifth highest in wage growth, while noting that the overall MSA is the eighth-fastest growing in the U.S.

The Summerfield and Tavares locations consist of a total of 31,514 square feet among 324 units, ranging from 25 square feet to 240 square feet among its traditional storage units. The Summerfield location has 142 non-climate-controlled units, 59 climate-controlled units and one boat/RV parking space, yielding physical and economic occupancies of 98.2 percent and 85.8 percent. The Tavares location is fully climate-controlled with its 122 total units, currently 95.1 percent physically occupied and 76.8 percent economically occupied. The facilities are situated at an approximate 26-mile distance, allowing the sites to be operated as sister locations and reducing management expenses. Both locations feature new signs and security cameras, while Tavares recently had new entry door locks installed.

Located directly along 16905 U.S. Highway 441, the Summerfield location benefits from traffic counts of over 38,500 vehicles daily and its optimal location near The Villages, residing northwest of Orlando and boasting the nation’s highest overall growth rate last year at 4.3 percent. Summerfield also features an excellent record of safety with a crime rate significantly lower than 86 percent of all Florida Communities according to NeighborhoodScout. The facility is adjacent to residential communities, including the adult retirement community of Stonecrest with its sprawling, semi-private golf course. U.S. Highway 441 serves as the primary commercial hub for Summerfield, lined with national retailers such as Walmart Supercenter, Lowe’s Home Improvement, ALDI and McDonald’s, and leading south into The Villages

The Summerfield and Tavares locations consist of a total of 31,514 square feet among 324 units, ranging from 25 square feet to 240 square feet among its traditional storage units. The Summerfield location has 142 non-climate-controlled units, 59 climate-controlled units and one boat/RV parking space, yielding physical and economic occupancies of 98.2 percent and 85.8 percent. The Tavares location is fully climate-controlled with its 122 total units, currently 95.1 percent physically occupied and 76.8 percent economically occupied. The facilities are situated at an approximate 26-mile distance, allowing the sites to be operated as sister locations and reducing management expenses. Both locations feature new signs and security cameras, while Tavares recently had new entry door locks installed.

In proximity to the Summerfield location is the Tavares facility at 1651 State Road 19 with traffic counts of over 30,500 vehicles per day. The site has quick access to U.S. Highway 441, serving as a connector to Summerfield directly northwest. Much like the Summerfield, the Tavares facility has prominent visibility along its thoroughfare that also serves as a commercial corridor in Tavares with new developments in a phase of construction, or recently completed such as the Publix Super Market at Tavares Crossroads, located across from the facility on S.R. 19 at a 0.3-mile distance. Residing adjacent to waterfront residential homes on Lake Dora, the facility advantageously boasts the closest proximity to these lakefront communities. Tavares is the county seat of Lake County, a component of the populous Orlando-Kissimmee-Sanford Metropolitan Statistical Area.

The Palm Bay location is comprised of 189 non-climate controlled units, ranging from 12 square feet to 450 square feet, and 11 boat/RV parking spaces for a total of 200 units. Constructed on 4.18 acres, the facility contains 29,310 rentable square feet with current physical and economic occupancies of 94.3 percent and 70.7 percent. This high occupancy demonstrates the need to raise rates to the market’s averages, further benefiting the facility with increased rental income. Recent capital improvements include a brand new gate controller, signage, parking striping, roof patching, septic tank pumping and office renovations.

Located at 4500 Lipscomb Street, the facility resides in the heart of a densely-populated residential corridor; this corridor encompasses large-scale communities such as Eagle Lake North, Eagle Lake East, Palm Bay Colony and the 462-unit Woodlake Village Apartments adjacent. Traffic counts along the intersection of Lipscomb Street and Palm Bay Road witness over 29,500 vehicles daily. To the north of the facility is minimal competition, allowing the site to serve as the surrounding communities’ primary storage destination. Over a dozen neighborhoods are also in proximity from all directions, along with the advantageous ease of highway access to U.S. Highway 1, State Road 57 and Interstate 95. Within five miles of the subject is a population of 111,883 among 48,221 households. The population is booming at a rate surpassing the national average at a projected 1.02 percent annually from 2017 to 2022. Among the population, approximately 40 percent of all housing units are renter-occupied with renters demonstrating a higher utilization of storage compared to owners.

Palm Bay a principal city of the Palm Bay-Melbourne-Titusville Metropolitan Statistical Area. The largest city of Florida’s Space Coast, Palm Bay’s major industries are telecommunications and technology. Filling the southernmost portion of Brevard County, the city is reputed for having a significant number of amenities to cater to its growing community, including outdoor recreation with over 30 parks and wildlife sanctuaries. In 2016, Palm Bay ranked first for home price growth per Forbes, and also ranked 15 in Forbes for America’s 25 Fastest-Growing Cities in 2017.